mail me tax rate on salary
| Originally posted by :Guest | ||
| " | Dear Sir, I want to know , when one company is liable to dduct TdS on salary, is their any minimun salary limit? Yours Aditya |
" |
| Originally posted by :Guest | ||
| " |
Dear Sir I know that how to calculate/deduct TDS on salary. regards
Sanjay |
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vinod
(trading)
(30 Points)
Replied 14 October 2008
| Originally posted by :omkar | ||
| " | can anybody tell me how to tds deducted on salary, if he/she is payroll employee ? or for any other person if he or she is on contract basis , but he /she is liable for income tax , ? his /her net income is more than 150000 for male & more than 180000 for female ? then how tds is calculated on salary ? plz tell its urgent ? | " |
| Originally posted by :omkar | ||
| " | can anybody tell me how to tds deducted on salary, if he/she is payroll employee ? or for any other person if he or she is on contract basis , but he /she is liable for income tax , ? his /her net income is more than 110000 for male & more than 145000 for female ? then how tds is calculated on salary ? plz tell its urgent ? | " |
| Originally posted by :omkar | ||
| " | can anybody tell me how to tds deducted on salary, if he/she is payroll employee ? or for any other person if he or she is on contract basis , but he /she is liable for income tax , ? his /her net income is more than 110000 for male & more than 145000 for female ? then how tds is calculated on salary ? plz tell its urgent ? | " |
| Originally posted by :S.RAVICHANDRAN | ||
| " | There is no separate rate of TDS on salary because it is just the tax rate of individulas applicable according to the slab of income. We have to just do the following computation for salary TDS : 1. Calculate the Gross Salary including all prequisites . 2. Obtain the other sources of income , if any, offered by the employee to deduct TDS 3. Arrive at the Gross Total Income 4. Deduct Tax savings investments like LIC,P.F., repayment of housing loan principal etc. 5. Arrive at the Total Income subject to TDS 6. Deduct the basic exemption limit of Rs.110000 and arrive the balance. 7. Upto. Rs.150000, 10% is tax rate and then it is 20 % plus 3% education cess. 8. Now you have arrived the annual TDS to be deducted . Divide the Annual TDS by twelve and deduct montly TDS. If you find one Income Tax Ready Reckoner, the TDS table for the current assessment year 2007-08 would be found. |
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